Existing circumstances demand a more sustainable, ecofriendly and cost-effective dealings worldwide to deal with the growing troubles of environmental issues. The main aspiration of this effort is to opt for such ideas and technologies which involve cleaner and greener procedures for utilizing waste materials for deriving value added products. The soil pertaining to areas of oil mills contains densely population of various microbes', especially fungal origin. These microbes are rich in lipase content (due to oil source). Isolation of fungal colonies from oil rich soil to ferment them under various conditions to extract fungal enzyme i.e. lipase and then used it for further applications. Lipases are highly versatile and industrially important enzymes. Deriving the lipases from waste soil is the main appeal of this work and is a venture strategizing the "best from waste" approach.